Tokyo - Pioneer swung to the black in its 2011 fiscal year ending March 31, posting net income of 10.4 billion yen ($128.7 million) on a 4.2 percent sales gain to 457.5 billion yen ($5.66 billion) vs. a year-ago net loss of 58.3 billion yen ($721.3 million).
Operating income also swung into the black, hitting 15.8 billion yen ($195.4 million) compared to a year-ago loss of 17.5 billion yen ($216.6 million).
The dollar figures are based on a conversion rate of $1 to 80.8 yen.
The company's two main business segments - home electronics and the combined OEM and aftermarket car electronics segment -- posted operating incomes of 2.54 billion yen and 14 billion yen, respectively. The segments' 2010 operating losses were 9.2 billion yen and 7.3 billion yen, respectively.
(See tables for more details on consolidated and segment sales and operating profits.)
Consolidated operating income rose because of sales growth and an improvement in gross profit margin, which resulted from a 21.9 billion yen restructuring charge in 2011, other cost reductions, and lower selling, general and administrative expenses, the company said.
Consolidated sales rose 4.2 percent mainly because of Blu-ray Disc drive-related products, whose sales growth offset the negative impact of Pioneer's withdrawal from the plasma display business in fiscal 2010, the Japanese yen's appreciation, and the earthquake, Pioneer explained.
Sales in the car electronics segment posted a 1.9 percent gain to 254.1 billion yen, with OEM accounting for 43 percent of sales, down from 44 percent in fiscal 2010. Aftermarket sales rose by an unspecified amount, mainly due to growth in aftermarket sales in North America and Europe. OEM sales were also up an unspecified amount because of gains in North America and Japan, offsetting a decline in China.
Home electronics sales rose 16.2 percent to 157.6 billion yen because of a "large increase" in Blu-ray drive-related sales resulting from the launch of operations in an optical disc joint venture factory in the second half of the previous fiscal year, Pioneer said.